New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-08-08
MONEY And BUSINESS.

Liquidation made further progress last
week: at San Francisco in the bursting OF
the wheat ring and the suspension OF the
Board; at Philadelphia in the stoppagc OF
the Columbian Bank, and at Newly orls ami
Cincinnati in the exposure OF Ives 90. and
their relations with railroads. The California
wheat ring, ccorling to reports photographed,
had taken contracts for 1,05O,OOO tons OF
wheat held 100000 in Liverpool msold,
and 100000 on the way thither, and was
demanding 81 Is per Genital for the same
stuff In San Francisco which was selling In
Liverpool for 81 81 to ST. 70 last week.
The chance for rafting loss somewhere
seems to be favorable. As the clique appears
to have used up in buying more wheat the
money deposited by sellers, the Board stopped
operations in the hope that somebody abe
to meet deficit of 50 per ton might come
TO the 'front.' Whether large amounts OF
money shipped by New-York banks to San
Francisco last week will serve to ''restore
confidence remains TO be seen.
The Wall Street and other people who spent
several months in telling the world what
vastly important arrangement Ives had GER
tainly completed and how much it would
bless Inc cnblTc uHlNtTst, lHuSe itc' oNhiS
desire to hunt holes and pull the holes IN
after them, in the light of disclosures at Gin
cinnati No substantial foundation appears Tor
the negotiation from which such wonderful
things were expected, and on the strength OF
which wise men hoisted prices for months
The mysterious and tremendously powerful
" combination of capitalists behind Mr.. Ives
seems to have been key to the treasury OF
the Cincinnati, Hamilton and Dayton, and
mower to hypothccate securities for which
that company would like to receive some
money. 1t is not strange that investors DIS
play some willingness to keep cut oil a market
which hangs half year on such an operator
in twitter of delighted expcctati II.
Last week stocks advanced an average oil
S177 per share, with indications at times
of foreign buying. 1t is stated that flol ,Ooo
was taken from the Bank of England for
this country, a movement which only some
oueration in stocks could have warranted.
The bunk advanced its rate to , per cent
with the evident purpose OF stopping larger
flow hther. There is nothing in commercial
returns to warrant gold imports at present.
The exports of merch ndise for the past I'VE
weeks have been q l. per cent below those
of last wear. and the imports IL per cent
above those OF last year. which would point
10 a large excess Of imports In Jiuy. Inc
stock OF unsold California wheat in Liverpool
and on the way tends to check shipments Tor
the present. as does the accumulation IN
Atlantic ports Latest adylces are not SAT
isfactury as to the harvesting OF wheat or inc
injury sustained by corn from drouth, ana
this month even the cotton crop seems 10
have suffered some
one of the polite invita- ions OF bullish
sniders To speculative flies aflirms that " the
farmers have not had such crops for years
bcfor. railroads are rushed with traIic, man
ufacturers are driven hard and conservatism
has never ruled SO far as 1T does now IN
American business affairs No one expects
the wheat or corn crop TO reach that OF Tist
wear. and both were far below the maximum;
hay. fruit and tobacco are short, ana cotton
and oat. only have been expected 10 return
fulI Weld. The railroads are SO " rushed
that East-bo und shipments from Chlcaso
are less than 10000 tons weekly, though inc
same roads have carried over 9oooo.s Inc
manufacturers are so driven that the prod
uct Of iron is about 20 per cent smalcr IMAM
Nav l: the spInners have taken oil cotton
in forty-nine weeks $4,000 bales less IMAM
for the previous year, and the consumption OF
wool with a much smaller domestic yleld.
has required 1900, 900 pounds less from
abroad than last year. AS for the ruling
conservatism" the Harper Ives and Mackay
sneculations which have ripencd, ana inc
far greater real estate speculation whlcn mas
not vet ripened, illustrate the meaning Oh
the word.
The banks began to report declining re-
serves last Saturday, but lost only Sl,Zoo,oOo
of their surplus The Treasury took In at
all points S2,30O.O00 more gold than IL paid
out, while putting out 100000 silver ana
$500 600 legal tenders. Secretary fair-
child's order is criticised as affecting inc
sentiment of the Street rather than the actual
su,nlv Of money. but statement from the
Dcnartment showed an incr asc OF S",ooh-
90 in the circulation outside OF the treasury
since July /. 1886, and it can hardly be said
that any other sum would have satisfied inc
demands if this has failed. Ccarings sun
show an increase over last year; in April
the incr ase was 20 per cent, in May ~ per
cent in June - per cent, and in JIly q per
cent. The railroad earnings also are larger
than a year ago, though for the last week OF
july fifteen out of twenty-eight 70 DIS reporter
decreasing earnings, and the net gam Is out
2 L. per cent.
The indignant Mugwump is very angry because